The accounting standards developed and established by the FASB and the GASB are used to communicate information about the financial condition of a company, public or private, a not-for-profit organization, or a state or local government.

The FASB and the GASB are committed to following an open, orderly process for setting standards. Their comprehensive due process procedures permit timely, thorough and open study of financial accounting and reporting issues.

Established in 1972, the FAF is the independent, private-sector, not-for-profit organization responsible for the oversight, administration, financing, and appointment of the FASB and the GASB.

Established in 1973, the FASB is the independent, private-sector, not-for-profit organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow GAAP.

Established in 1984, the GASB is the independent, private-sector organization that establishes accounting and financial reporting standards for U.S. state and local governments that follow GAAP.